David Herro of Oakmark International scours the globe for undervalued, unloved stocks.. Here are his best investment ideas in Japan, Australia, and, of all places, Europe.

A few money managers manage to beat their benchmark in any given year, and a select group string together longer periods of outperformance, but not many have taken the index out into the woods and thrashed it as severely – over two decades – as David Herro. A $10,000 investment in his fund, Oakmark International (ticker: OAKIX), in 1992 is now worth about $88,000, versus $34,000 for the MSCI EAFE index. Over the past year, his 43% return has doubled that of the index.